Bank of America Q4 EPS Estimate Lowered by Seaport Res Ptn

Bank of America Co. (NYSE:BAC) – Analysts at Seaport Res Ptn dropped their Q4 2024 earnings estimates for Bank of America in a report released on Wednesday, October 16th. Seaport Res Ptn analyst J. Mitchell now anticipates that the financial services provider will post earnings of $0.80 per share for the quarter, down from their previous forecast of $0.82. Seaport Res Ptn currently has a “Strong-Buy” rating on the stock. The consensus estimate for Bank of America’s current full-year earnings is $3.25 per share. Seaport Res Ptn also issued estimates for Bank of America’s Q1 2025 earnings at $0.86 EPS.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, topping analysts’ consensus estimates of $0.78 by $0.03. The business had revenue of $25.30 billion for the quarter, compared to analysts’ expectations of $25.25 billion. Bank of America had a net margin of 13.28% and a return on equity of 10.56%. The business’s revenue was up .4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.90 earnings per share.

Other equities research analysts have also recently issued research reports about the stock. Jefferies Financial Group upped their price objective on shares of Bank of America from $39.00 to $41.00 and gave the stock a “hold” rating in a report on Wednesday, July 3rd. Piper Sandler upgraded shares of Bank of America from an “underweight” rating to a “neutral” rating and upped their price objective for the stock from $37.00 to $42.00 in a report on Tuesday, July 9th. Evercore ISI upped their target price on shares of Bank of America from $44.00 to $45.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. StockNews.com upgraded shares of Bank of America from a “sell” rating to a “hold” rating in a research note on Wednesday, October 16th. Finally, Morgan Stanley upped their target price on shares of Bank of America from $47.00 to $48.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 16th. One analyst has rated the stock with a sell rating, nine have given a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $42.69.

Bank of America Price Performance

Shares of BAC opened at $42.29 on Monday. The stock has a market cap of $330.72 billion, a PE ratio of 14.63, a price-to-earnings-growth ratio of 1.39 and a beta of 1.33. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.80 and a current ratio of 0.80. Bank of America has a fifty-two week low of $24.96 and a fifty-two week high of $44.44. The firm’s 50-day simple moving average is $40.04 and its two-hundred day simple moving average is $39.51.

Bank of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 6th will be given a dividend of $0.26 per share. The ex-dividend date is Friday, December 6th. This represents a $1.04 annualized dividend and a yield of 2.46%. Bank of America’s dividend payout ratio (DPR) is currently 35.99%.

Bank of America announced that its Board of Directors has approved a share buyback plan on Wednesday, July 24th that allows the company to repurchase $25.00 billion in shares. This repurchase authorization allows the financial services provider to repurchase up to 7.6% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling at Bank of America

In other Bank of America news, major shareholder Berkshire Hathaway Inc sold 5,264,601 shares of the stock in a transaction on Monday, July 29th. The shares were sold at an average price of $41.20, for a total transaction of $216,901,561.20. Following the completion of the transaction, the insider now owns 961,646,715 shares in the company, valued at $39,619,844,658. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, major shareholder Berkshire Hathaway Inc sold 5,264,601 shares of the firm’s stock in a transaction dated Monday, July 29th. The shares were sold at an average price of $41.20, for a total value of $216,901,561.20. Following the completion of the sale, the insider now owns 961,646,715 shares in the company, valued at approximately $39,619,844,658. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Lindsay D. Hans sold 10,901 shares of the firm’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $36.91, for a total transaction of $402,355.91. Following the completion of the sale, the insider now owns 10,907 shares of the company’s stock, valued at $402,577.37. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 132,863,500 shares of company stock worth $5,363,830,468 over the last 90 days. 0.29% of the stock is owned by insiders.

Institutional Investors Weigh In On Bank of America

Several institutional investors have recently made changes to their positions in BAC. Delos Wealth Advisors LLC grew its position in shares of Bank of America by 402.2% in the 1st quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock worth $26,000 after buying an additional 547 shares during the last quarter. Fairway Wealth LLC purchased a new position in Bank of America during the second quarter valued at $27,000. POM Investment Strategies LLC lifted its holdings in Bank of America by 839.0% during the second quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 646 shares in the last quarter. Bbjs Financial Advisors LLC purchased a new position in Bank of America during the second quarter valued at $30,000. Finally, Northwest Investment Counselors LLC purchased a new position in Bank of America during the first quarter valued at $33,000. Institutional investors own 70.71% of the company’s stock.

About Bank of America

Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.